Matthew Harrigan's questions to Liberty Global Ltd (LBTYA) leadership • Q1 2024
Question
Matthew Harrigan of The Benchmark Company asked for a strategic comparison of Liberty Global's more stable video business against its U.S. peers and questioned if the NetCo structure could better enable the company to capture value from new technology growth.
Answer
Michael Fries, CEO of Liberty Global, agreed that Liberty's video business is more stable, with lower subscriber losses and stronger margins compared to the U.S. market. He emphasized that Liberty's growth drivers are mobile and B2B. Regarding NetCos, he explained that value created accrues to the OpCo owners, and while the ventures portfolio invests in related areas, the ownership and governance of these opportunities remain distinct.